I was reading an interesting article the other day about the Billions, yes Billions of dollars that GE as a company adds to its bottom line in additional revenue because of the power of the GE brand. The question I ask myself, consulting clients and seminar attendees is – how much does your brand allow you to …
- charge more for your products and services
- get referrals
- get clients coming to you
- add to your bottomline revenue ..
… and the list could go on. Of course, what we are talking about here is the amount of Brand Equity that we have in the market place that can be translated into revenues.
Now, depending on what business you are in, you may develop a strategic plan to base your brand equity around what you consider to be your strength in the market place. This could be in the …
- supply chain
- technology innovation
- product quality
- technical support
… and other aspects of the business that can be used to differentiate you from the competition.
It is of course important to state that what any company focusses on may radically change based upon whether they are focussing their efforts on …
Business To Business or in the Business To Consumer
… marketing strategy development and branding activities.